Akamai price target raised to $134 from $120 at KeyBanc

KeyBanc analyst Thomas Blakey raised the firm’s price target on Akamai to $134 from $120 and keeps an Overweight rating on the shares as the firm raises its estimates post Q3 beat driven by Security and accretion from recent Delivery M&A. Delivery came in in line with the Street adjusting for M&A and a beat of about 2% in Security vs. KBCM/Street excluding one-time revenue in the quarter, the firm notes. KeyBanc believes Akamai remains well positioned to benefit from secular growth trends of workloads moving to the edge with the company executing well on its transition from slower-growth and lower-margin Delivery to higher-growth/margin Security+Compute.